Turkey
Two executives of former crypto investment platform arrested for fraud in Istanbul
Two executives from a former crypto investment platform accused of fraud were arrested in Istanbul earlier this year, Turkish media reported.
Credit ratings agency S&P on Friday upgraded Turkey's ratings to "B+" from "B", saying that the coordination between monetary, fiscal, and income policy is set to improve, amid external rebalancing.
While maintaining Turkey's "Positive" outlook, S&P said it could revise the outlook if the pressures on the country's financial stability or wider public finances intensified © Mena Today
Credit ratings agency S&P on Friday upgraded Turkey's ratings to "B+" from "B", saying that the coordination between monetary, fiscal, and income policy is set to improve, amid external rebalancing.
The credit action comes a week after the Turkish central bank kept its policy rate unchanged at 50%.
Turkey's central bank, which announced a 500 basis-point rise in March, said on Friday that inflationary pressures remained alive.
The central bank has hiked rates by 3,650 basis points since June last year.
The ratings agency said it could consider raising Turkey's sovereign rating if policymakers manage to reduce inflation, restore confidence in the lira, narrow current account deficits, and reverse dollarization.
"We don't anticipate the inflation rate in Turkiye dropping to single digits until 2028," the agency said in a statement.
Turkish annual consumer price inflation climbed to 69.8% in April, official data showed on Friday, a bit below expectations but the highest since late-2022 on strong rises in education, restaurants and hotels prices.
While maintaining Turkey's "Positive" outlook, S&P said it could revise the outlook if the pressures on the country's financial stability or wider public finances intensified, potentially in connection with continued currency depreciation and a shift away from anti-inflationary policies.
Reporting by Rupali Chaudhary in Bengaluru and Ece Toksabay in Ankara
Two executives from a former crypto investment platform accused of fraud were arrested in Istanbul earlier this year, Turkish media reported.
Turkish President Tayyip Erdogan said on Saturday Islamic countries should form an alliance against what he called "the growing threat of expansionism" from Israel.
A flight operated by India's Vistara Airlines made an emergency landing on Friday around 4.30 p.m. (1330 GMT) in Erzurum in eastern Turkey after a piece of paper with "bomb on board" written on it was found in a lavatory, Turkish officials said.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.